Petrol Prices in India Remain Steady Amid Global Oil Price Volatility
Petrol prices in India have been steady for some time now, but they are still influenced by various factors. As of August 16, 2026, petrol costs Rs 102.12 a litre in New Delhi, while in Mumbai it is retailing at Rs 103.54 per litre. The price is determined by the cost of crude oil, refining margins, and local taxes, among other things.
India imports around 80% of its oil needs, which means domestic pump rates are dependent on international prices as denominated by the Indian basket of crude oil. Central excise duty, VAT or value added tax levied by state governments, dealer and refining margins, and transportation costs also play a role in determining petrol prices.
According to current regulations, petrol and diesel prices in India are reviewed daily based on the benchmark international rate of the preceding 15 days. State-owned fuel retailers Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL) review petrol and diesel prices daily.